Libya’s Central Bank Takes Tough Stance on Foreign Exchange Sales Operations

CBL Imposes Due Diligence Measures to Combat Corruption

In a bid to tackle corruption and ensure compliance with established procedures, Libya’s Central Bank (CBL) has announced that it will impose due diligence measures on foreign exchange sales operations conducted by several banks in the eastern region. The move was confirmed via a Facebook statement.

Targeted Banks Face Enhanced Scrutiny

The following banks have been identified as non-compliant with established procedures regarding credits and direct remittances:

• Bank of Commerce & Development
• Alwaha Bank
• Wahda Bank
• Ejmaa Alaraby Bank

These irregularities have led to the imposition of due diligence measures, aimed at enhancing transparency and accountability in foreign exchange sales operations within the region.

Boosting Transparency and Accountability

The new regulations are expected to:

• Improve transparency in financial transactions
• Enhance accountability among banks operating in the eastern region
• Combat corruption by ensuring that financial transactions are conducted fairly and in accordance with established procedures
• Strengthen Libya’s financial system by promoting good governance and integrity

A Significant Step Towards Fairer Financial Transactions

The CBL’s move is seen as a significant step towards combating corruption and ensuring that financial transactions are conducted fairly. By imposing due diligence measures, the bank aims to promote a culture of transparency and accountability among banks operating in Libya.

By doing so, the CBL is sending a strong message that non-compliance with established procedures will not be tolerated, and that all banks must adhere to international standards of good governance and integrity.